Originally published on: October 02, 2024
Bitwise, a leading cryptocurrency asset manager, has officially filed for the first XRP exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC).
If approved, the Bitwise XRP ETF will offer investors exposure to the value of XRP held by the trust, minus operational expenses and other liabilities, according to the filing.
Bitwise CEO, Hunter Horsley, expressed optimism about the potential of blockchain technology, stating, “At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century.”
The filing also mentioned that the trust’s XRP holdings will be stored with Coinbase Custody Trust Company, emphasizing the importance of security and insurance for investors.
Bitwise’s decision to file for an XRP ETF follows their success in launching spot Bitcoin and Ether ETFs earlier this year. The company has been at the forefront of providing innovative investment opportunities in the cryptocurrency space.
Industry experts, including Nate Geraci, president of the ETF Store, have highlighted the significance of the Bitwise XRP ETF filing, calling it “highly noteworthy.”
In a related development, Canary Capital, a crypto-focused investment firm, recently incorporated an XRP ETF with the Delaware Division of Corporations, further indicating the growing interest in this digital asset.
Meanwhile, Ripple, the blockchain technology company behind XRP, received in-principle license approval from the Dubai Financial Service Authority, allowing them to expand their cross-border payment services in the UAE.
As the crypto market continues to evolve, the launch of the Bitwise XRP ETF could open up new investment opportunities for both institutional and retail investors looking to diversify their portfolios.
With the growing popularity of digital assets and blockchain technology, the Bitwise XRP ETF could be a game-changer in the world of traditional finance, paving the way for more ETF offerings in the cryptocurrency space.
